San Francisco County doesn’t qualify for the new CalHFA Community Stabilization Home Loan Program, but Alameda and Contra Costa counties do. In a nutshell (but with plenty of devilish little details): below market 30-yeard fixed rate loans (5.5%) and up to 103% financing (CLTV) for qualifying first-time buyers of select bank owned properties.
One such home: 2450 65th Avenue in Oakland (above and below). Currently listed for $310,000, but available through the program for $272,800.
Keep in mind that the qualifying properties are likely the dregs of each lenders portfolio (we haven’t had a chance to look at them all). And while you’ll save on the below market rates and the properties are to be priced 12% “below market,” there’s a good chance that many most are worth even less (i.e., if you have the means, it might make more economic sense to act outside the program).
∙ CalHFA Community Stabilization Home Loan Program [CalHFA]
∙ Listing: 2450 65th Avenue, Oakland – $310,000 [Better Homes Realty]

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Comments from “Plugged-In” Readers

I used to live close to 2450 65th Avenue. It’s actually a good neighborhood. The pool at Mills Colleged, which is open to the public, feels like a country club, and Coliseum is one of the few BART stations where you don’t have to arrive before the other commuters to get parking.

Hey…isn’t this the house from Basic Instinct?
Posted by: Dude at July 22, 2008 9:56 AM
Classic!
However, I believe the Basic Instinct home is 2430 65th Avenue, not 2450. Seriously, just do a Google search

103% financing, that’s the way to put some skin in the game.
Leaving aside the moral hazard, a $277,800 mortgage on the above house = $1,577/mo. (before adding T & I), which is about 33% of an annual income of $56,700+, or 25% more than the average household median income for Oakland.

Eh, that ‘hood is ok, but anything below (or close to) foothill is problematic. You probably won’t get killed there, but don’t wander over to 73rd at any point…etc.
Overpriced for the hood. You can get a 2/1 in the laurel between 580 and Macarthur for about the same, and it’s way safer. (you’ll just get burgled or mugged, but almost never killed).

I live in Maxwell park, West of 580 between Foothill and High and have great feelings for the neighborhood, which sees a lot less violet crime than the Laurel. (many house break-ins when school is out, though). It’s a great deal considering proximity to BART, hiking, organic grocery stores and GINORMOUS lots (which the laurel does not have). Around 150K less than the laurel, 200K less than the Dimond. Great winding streets, too…